NFC AFRICA MINING Plc

Producer of copper concentrates

NFCA Africa Mining Plc (“NFCA”) was established in March 1998 as the holding company of Chambishi Copper Mine as part of the privatization of Zambia Consolidated Copper Mines Limited (“ZCCM”). It is majority owned by China Non-ferrous Metals Company Limited (“CNMC”), which holds an 85% shareholding stake, whilst ZCCM Investments Holdings Plc holds a 15% shareholding stake.

Operations

NFCA currently mines at the Chambishi Main Mine and the Chambishi West Mine, and is currently developing the Chambishi South-East Mine.

NFCA produces copper concentrate, which is taken up in its entirety by Chambishi Copper Smelter (“CCS”), a sister company owned by CNMC.

Development

In July 2000, NFCA commenced reconstruction works at the Chambishi Main Mine, investing approximately US$ 157 million, with completion and subsequent production commencing in July 2003. It further began to develop the west orebody in July 2007 with the Chambishi West Mine commencing production in July 2010. NFCA is currently developing the south-east orebody, which commenced in December 2010 and is expected to be completed by 2016.

Extract from 2018 annual report

NFC Africa Mining Plc (NFCA) recorded a turnover of K1,523.9 million (US$159.6 million) for the financial year ending 31st December 2017 [(2016: K1,171.87 million (US$114.2 million)] due to increased copper prices.

NFCA recorded a profit after tax of K153.73 million (US$16.1 million) [(2016: K203.18 million (US$ 19.8 million loss)].

NFCA continues to work on the development of the South East Ore Body project. The company reported project expenditure of K4,408.42 million (US$461.7 million) as at 31st December 2017. Total planned project investment is 8,280.27 million (US$832 million). Once completed the project is expected to extend the life of mine by 20 years. The design and annual capacity at full production is estimated at 3.3 million tonnes of ore containing 60,000 tonnes of copper.

There were no dividends paid during the year ended 31st December 2017 (2016: Nil).

Extract from 2017 annual report

NFC Africa Mining Plc (NFCA) recorded a turnover of K1,716.05 million (US$173.9 million) for the financial year ending 31st December 2016 (2015: K677.11 million (US$104.1 million) as a result of increased sales volumes.

NFCA recorded a loss after tax of US$31.1 million (2015: K45.8 million loss).

NFCA continues to work on the development of the South East Ore Body project. The company reported project expenditure of K2,666.33 million (US$270.2 million) as at 31st December 2016. Total planned project investment is K8,537.65 (US$832 million). Once completed, the project is expected to extend the life of the mine for 20 years. The design and annual capacity at full production is estimated at 3.3 million tonnes of ore containing 60 000 tonnes of copper.

There were no dividends paid during the year ended 31st December 2016 (2015: Nil).